Hello everyone, welcome to this exclusive BTC analysis. Let's get to the chart first. Currently, bitcoin is trading above $48,000. Bitcoin was moving inside a falling wedge channel before the last crash that happened on Sept 7th. On Sept 7th we saw a huge dump from $53k to $43k and the bitcoin price breaks down this falling wedge channel. Now Bitcoin trying to retest the falling wedge channel after the breakdown.
So now you must be thinking that why do I think there might be another big dump?
Now let's go back a bit. In the month of April when bitcoin is trading at its ATH, the same rising wedge pattern occurred and when this rising wedge pattern breaks down then after retesting and consolidating for a few days bitcoin's prices falls 50%. So IMO the same fractal is repeating now. However, this time BTC might not be dump 50% but I think it will dump 20-25%. So if this dump occurs then bitcoin might test the $38-$40k zone.
Maybe from here the price of bitcoin goes up to 50k or more and then we get to see this dump because at that time everyone becomes bullish and greedy and big players take advantage of it by dumping on us. So we have to be prepared for all kinds of scenarios if we want to become successful in the crypto industry. So what we should do is don't expose ourselves in Alts. Keep 20-30% of your money in Alts and the rest in BTC and USDT. So if this dump occurs then we can buy everything at a cheap price.
There is one more thing that proves this point further, that RSI shows a bearish divergence in the daily time frame. A bearish divergence occurs when the price of any currency is increasing but RSI is decreasing.
However, this chart is got invalidated if get a daily close above the $52-$53k range.
I'm not scaring you guys I'm just telling you what I saw in the chart.
Do you guys also think that we may get to see the last dump before reaching a new ATH?
If you like the analysis, please hit the like button, it always motivates me to give my best and also share your views in the comment section.
This is not financial advice. DYOR before investing.
Thank you.
So now you must be thinking that why do I think there might be another big dump?
Now let's go back a bit. In the month of April when bitcoin is trading at its ATH, the same rising wedge pattern occurred and when this rising wedge pattern breaks down then after retesting and consolidating for a few days bitcoin's prices falls 50%. So IMO the same fractal is repeating now. However, this time BTC might not be dump 50% but I think it will dump 20-25%. So if this dump occurs then bitcoin might test the $38-$40k zone.
Maybe from here the price of bitcoin goes up to 50k or more and then we get to see this dump because at that time everyone becomes bullish and greedy and big players take advantage of it by dumping on us. So we have to be prepared for all kinds of scenarios if we want to become successful in the crypto industry. So what we should do is don't expose ourselves in Alts. Keep 20-30% of your money in Alts and the rest in BTC and USDT. So if this dump occurs then we can buy everything at a cheap price.
There is one more thing that proves this point further, that RSI shows a bearish divergence in the daily time frame. A bearish divergence occurs when the price of any currency is increasing but RSI is decreasing.
However, this chart is got invalidated if get a daily close above the $52-$53k range.
I'm not scaring you guys I'm just telling you what I saw in the chart.
Do you guys also think that we may get to see the last dump before reaching a new ATH?
If you like the analysis, please hit the like button, it always motivates me to give my best and also share your views in the comment section.
This is not financial advice. DYOR before investing.
Thank you.
